Transfer Wise

General Udon Thani topics only!
User avatar
sometimewoodworker
udonmap.com
Posts: 3384
Joined: October 7, 2008, 11:19 am

Re: Transfer Wise

Post by sometimewoodworker » September 11, 2021, 7:03 am

Giggle wrote:
September 10, 2021, 9:41 pm
Fees for wiring US $30,000:

Wise -- US$181.37
My Credit Union -- US$65.00

No brainer.
You are correct you have no brain as you don’t tell how much arrives.

The fee charged for sending will not give all the information
The amount sent and amount then arrives does.
Last edited by sometimewoodworker on September 11, 2021, 9:25 am, edited 1 time in total.


Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
ajsp9
udonmap.com
Posts: 417
Joined: January 10, 2009, 9:43 pm
Location: Bristol, England

Re: Transfer Wise

Post by ajsp9 » September 11, 2021, 8:25 am

From the UK I have been impressed with WISE transactions for both rate snd speed although it’s been slower these last few months. That said, it’s not something I’d change so will continue

User avatar
Old Grumpy
udonmap.com
Posts: 383
Joined: April 28, 2018, 10:36 am

Re: Transfer Wise

Post by Old Grumpy » September 11, 2021, 10:51 am

ajsp9 wrote:
September 11, 2021, 8:25 am
From the UK I have been impressed with WISE transactions for both rate snd speed although it’s been slower these last few months. That said, it’s not something I’d change so will continue
Me too, been using them for a while now but last months pension transfer took the biscuit, whilst still on their site doing the transfer, my phone went with a message from my Thai bank having received the transfer, time taken according to their info was 30seconds , the speed plus the usually better exchange rate convinces me not to change. Some may not know you can also hold an account in any currency, in my case British pounds which you can use to pay bills in sterling without any need for exchange transfer for which they charge literally pennies .
Age is a matter of mind.
If you don't mind, it doesn't matter.
Mark Twain,

User avatar
Niggly
udonmap.com
Posts: 3704
Joined: December 5, 2018, 5:51 pm

Re: Transfer Wise

Post by Niggly » September 11, 2021, 11:06 am

I’ve found the speed or receipt depends on the reason you select.
If it’s just “monthly expenses” it’s almost immediately even on weekends, the last time being before I’d even logged out. It’s transferred from the Wise in country reserves.
If it’s “Funds for long term stay in Thailand” (or something like that) it has to be transferred from the originating country to get the International Transfer stamp on the statement to show Immo. This means the speed is subject to bank operating hours for international transfers (not the same as opening hours) in both the originating & receiving countries making it up to 24hrs. The receipt is always between 14:00 & 14:15 the day after transfer for me using this reason.

This is by using either Lloyds, First Direct or Santander in the UK & Bangkok Bank in Thailand
Age & treachery will always triumph over youth & ability

User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

Re: Transfer Wise

Post by Giggle » September 11, 2021, 2:55 pm

glalt wrote:
June 26, 2021, 10:55 am
I compared Wise to my US banks wire transfer. I continue to use wire transfers. I make one or two wire transfers a year. I never transfer less than $10,000 US dollars. Wise may be fine for smaller amounts but larger amounts are more expensive.
Absolutely. Any company that charges you a percentage of the amount you're exchanging is ripping you off. See: Western Union.

I transfer money once a year and am charged 65 bucks (2,000B) -- which is also too much as far as I'm concerned. It's a flat fee irrespective of the transfer amount. As it should be.
Ashli Babbitt -- SAY HER NAME!

User avatar
Niggly
udonmap.com
Posts: 3704
Joined: December 5, 2018, 5:51 pm

Re: Transfer Wise

Post by Niggly » September 11, 2021, 7:06 pm

Giggle wrote:
September 11, 2021, 2:55 pm

Absolutely. Any company that charges you a percentage of the amount you're exchanging is ripping you off. See: Western Union.

I transfer money once a year and am charged 65 bucks (2,000B) -- which is also too much as far as I'm concerned. It's a flat fee irrespective of the transfer amount. As it should be.
You’ve still not said the rate you’re getting. Percentages have nothing to do with it. The only thing that matters is how many baht you get at the end of the transfer.

Low/flat fees are usually given against a poor rate where the provider actually makes more money out of the transfer.
See most bank to bank transfers
Age & treachery will always triumph over youth & ability

User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

Re: Transfer Wise

Post by Giggle » September 11, 2021, 7:19 pm

The rate is definitely not a full tenth of 1 baht less, which is how much it would have to be to make up the difference in fee price on $30K.

32.5 = 975,000 B
32.6 = 978,000 B
roughly $100 -- the difference in fees between Wise and my credit union are $116.

It's the same work/transaction whether Wise is transferring $100 or $100,000. Shameless money grab so typical or rotten Euro banking norms.
Ashli Babbitt -- SAY HER NAME!

User avatar
semperfiguy
udonmap.com
Posts: 2446
Joined: July 16, 2010, 12:49 pm
Location: Udon Thani, Thailand

Re: Transfer Wise

Post by semperfiguy » September 11, 2021, 7:34 pm

Giggle wrote:
September 10, 2021, 9:41 pm
Fees for wiring US $30,000:

Wise -- US$181.37
My Credit Union -- US$65.00

No brainer.
Giggle, with all due respect, when you bring your money here by Telegraphic Transfer (TT) from your credit union, your exchange rate at your Thai bank will be the prevailing "Buying TT" rate at the time it hits your bank, plus on $30,000 USD your Thai bank will charge you a maximum of 500 Baht to make the deposit here.

With Wise you will generally get about an 18 satang per USD more favorable exchange rate, and your local bank will charge you zero fees to make the transfer deposit because Wise's money is coming from a local partner bank; therefore, it's a domestic transfer of funds for which there are no fee for deposits.

Considering all of that, $30,000 times 18 satang equals a gain on the Baht/USD exchange rate of 5400 Baht, plus your savings by not having to pay a local deposit fee, or 500 Baht. So, that's 5900 Baht, or roughly $184 that you will gain/save which you can subtract from your total Wise fee of $181.37. Bottom line is you made your transfer for FREE and you made an extra $3 in the process.

No brainer to use Wise!
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.

User avatar
sometimewoodworker
udonmap.com
Posts: 3384
Joined: October 7, 2008, 11:19 am

Re: Transfer Wise

Post by sometimewoodworker » September 11, 2021, 7:54 pm

Unfortunately the giggle will not be able or willing to tell you the actual amount received. He is fixated on the fact that he only sees a $65 charge or a $181.37 charge. He could pay an even lower fee of $0.99 but still loose out by ฿20,000 because virtually all banks have a spread between buying and selling, while Wise uses the current mid rate.
1E933721-30AC-47F1-87A7-244A16C9B933.jpeg
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
jackspratt
udonmap.com
Posts: 16075
Joined: July 2, 2006, 5:29 pm

Re: Transfer Wise

Post by jackspratt » September 11, 2021, 8:12 pm

Niggly wrote:
September 11, 2021, 7:06 pm

You’ve still not said the rate you’re getting. Percentages have nothing to do with it. The only thing that matters is how many baht you get at the end of the transfer.
It is difficult to comprehend how someone cannot grasp this simple concept, isn't it.

Perhaps it is because Wise is a successful business based in the UK - which no doubt raises all sorts of triggers for our giggling poster.

User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

Re: Transfer Wise

Post by Giggle » September 11, 2021, 8:24 pm

Not to mention the transfer fee from the bank to wise (is that an international transfer?)
Nah.
Ashli Babbitt -- SAY HER NAME!

thewatchman
udonmap.com
Posts: 972
Joined: August 30, 2009, 1:49 am
Location: Inside earnest head,rent free

Re: Transfer Wise

Post by thewatchman » September 11, 2021, 9:13 pm

sometimewoodworker wrote:
September 11, 2021, 7:54 pm
Unfortunately the giggle will not be able or willing to tell you the actual amount received. He is fixated on the fact that he only sees a $65 charge or a $181.37 charge. He could pay an even lower fee of $0.99 but still loose out by ฿20,000 because virtually all banks have a spread between buying and selling, while Wise uses the current mid rate.
1E933721-30AC-47F1-87A7-244A16C9B933.jpeg
its a pony tail thing
laughing at the occasional visitor and failed taxi drivers

User avatar
Niggly
udonmap.com
Posts: 3704
Joined: December 5, 2018, 5:51 pm

Re: Transfer Wise

Post by Niggly » September 11, 2021, 9:36 pm

Giggle wrote:
September 11, 2021, 8:24 pm
Not to mention the transfer fee from the bank to wise (is that an international transfer?)
Nah.
Whats the name of this Credit Union that seems to be giving such fantastic rates?
Age & treachery will always triumph over youth & ability

User avatar
sometimewoodworker
udonmap.com
Posts: 3384
Joined: October 7, 2008, 11:19 am

Re: Transfer Wise

Post by sometimewoodworker » September 11, 2021, 10:12 pm

Giggle wrote:
September 11, 2021, 8:24 pm
Not to mention the transfer fee from the bank to wise (is that an international transfer?)
Nah.
Certainly in the U.K. not to mention the transfer fee from bank to Wise is correct as there is no fee and the transfers are virtually instantaneous, the same in the EU for the fee.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
Laan Yaa Mo
udonmap.com
Posts: 9183
Joined: February 7, 2007, 9:12 am
Location: ขอนแก่น

Re: Transfer Wise

Post by Laan Yaa Mo » September 11, 2021, 10:48 pm

Wise has indicated that I can use a Thai phone number to get the code, and have it sent back to me in Canada. I wrote them back asking how much time I had to enter the code and get started on the transfer...five minutes...one hour...one day. There might be another fly on the ointment. I received a new credit card on Friday to use for transactions. I do not remember asking for a new one. I wonder if they cancelled my old card and that is the reason my transfer could not go through. I'll have to give the credit card company a call on Monday and see what this is all about.

The reason I don't have a phone is that I got a speech problem about two years ago in which the words pass over my vocal chords too quickly. I get a botox shot every three months to alleviate the problem, but it is still difficult for listeners to understand me on the telephone.
You only pass through this life once, you don't come back for an encore.

thewatchman
udonmap.com
Posts: 972
Joined: August 30, 2009, 1:49 am
Location: Inside earnest head,rent free

Re: Transfer Wise

Post by thewatchman » September 11, 2021, 10:53 pm

Laan Yaa Mo wrote:
September 11, 2021, 10:48 pm
Wise has indicated that I can use a Thai phone number to get the code, and have it sent back to me in Canada. I wrote them back asking how much time I had to enter the code and get started on the transfer...five minutes...one hour...one day. There might be another fly on the ointment. I received a new credit card on Friday to use for transactions. I do not remember asking for a new one. I wonder if they cancelled my old card and that is the reason my transfer could not go through. I'll have to give the credit card company a call on Monday and see what this is all about.

The reason I don't have a phone is that I got a speech problem about two years ago in which the words pass over my vocal chords too quickly. I get a botox shot every three months to alleviate the problem, but it is still difficult for listeners to understand me on the telephone.
Not being funny uncle,but your more trouble than a ginger grand kid with chicken pox
laughing at the occasional visitor and failed taxi drivers

User avatar
Niggly
udonmap.com
Posts: 3704
Joined: December 5, 2018, 5:51 pm

Re: Transfer Wise

Post by Niggly » September 11, 2021, 11:09 pm

Laan Yaa Mo wrote:
September 11, 2021, 10:48 pm
Wise has indicated that I can use a Thai phone number to get the code, and have it sent back to me in Canada. I wrote them back asking how much time I had to enter the code and get started on the transfer...five minutes...one hour...one day. There might be another fly on the ointment. I received a new credit card on Friday to use for transactions. I do not remember asking for a new one. I wonder if they cancelled my old card and that is the reason my transfer could not go through. I'll have to give the credit card company a call on Monday and see what this is all about.

The reason I don't have a phone is that I got a speech problem about two years ago in which the words pass over my vocal chords too quickly. I get a botox shot every three months to alleviate the problem, but it is still difficult for listeners to understand me on the telephone.
Would it be wise (did you see what I did there?) to just get a really cheap PAYGO phone for OTPs? You don’t need to ever speak on it, just receive texts.
I know you’re in the US of C but there’s certainly more & more companies in the UK sending OTPs now to confirm your identity when accessing their services.


As an aside, I don’t ever use a credit card for a funds transfer unless a real emergency because they treat it as a cash withdrawal & load the transaction at their end with about 3% if memory serves which is on top of any other fees
Age & treachery will always triumph over youth & ability

User avatar
Laan Yaa Mo
udonmap.com
Posts: 9183
Joined: February 7, 2007, 9:12 am
Location: ขอนแก่น

Re: Transfer Wise

Post by Laan Yaa Mo » September 12, 2021, 3:48 am

thewatchman wrote:
September 11, 2021, 10:53 pm
Laan Yaa Mo wrote:
September 11, 2021, 10:48 pm
Wise has indicated that I can use a Thai phone number to get the code, and have it sent back to me in Canada. I wrote them back asking how much time I had to enter the code and get started on the transfer...five minutes...one hour...one day. There might be another fly on the ointment. I received a new credit card on Friday to use for transactions. I do not remember asking for a new one. I wonder if they cancelled my old card and that is the reason my transfer could not go through. I'll have to give the credit card company a call on Monday and see what this is all about.

The reason I don't have a phone is that I got a speech problem about two years ago in which the words pass over my vocal chords too quickly. I get a botox shot every three months to alleviate the problem, but it is still difficult for listeners to understand me on the telephone.
Not being funny uncle,but your more trouble than a ginger grand kid with chicken pox
Yeah, well, I guess.
You only pass through this life once, you don't come back for an encore.

User avatar
Laan Yaa Mo
udonmap.com
Posts: 9183
Joined: February 7, 2007, 9:12 am
Location: ขอนแก่น

Re: Transfer Wise

Post by Laan Yaa Mo » September 12, 2021, 4:53 am

Niggly wrote:
September 11, 2021, 11:09 pm
Laan Yaa Mo wrote:
September 11, 2021, 10:48 pm
Wise has indicated that I can use a Thai phone number to get the code, and have it sent back to me in Canada. I wrote them back asking how much time I had to enter the code and get started on the transfer...five minutes...one hour...one day. There might be another fly on the ointment. I received a new credit card on Friday to use for transactions. I do not remember asking for a new one. I wonder if they cancelled my old card and that is the reason my transfer could not go through. I'll have to give the credit card company a call on Monday and see what this is all about.

The reason I don't have a phone is that I got a speech problem about two years ago in which the words pass over my vocal chords too quickly. I get a botox shot every three months to alleviate the problem, but it is still difficult for listeners to understand me on the telephone.
Would it be wise (did you see what I did there?) to just get a really cheap PAYGO phone for OTPs? You don’t need to ever speak on it, just receive texts.
I know you’re in the US of C but there’s certainly more & more companies in the UK sending OTPs now to confirm your identity when accessing their services.


As an aside, I don’t ever use a credit card for a funds transfer unless a real emergency because they treat it as a cash withdrawal & load the transaction at their end with about 3% if memory serves which is on top of any other fees
Your advice is very wise and I am considering the OPT option although even that costs around 20-25 pounds a month. British North America is one of the most expensive places in the world for cell phone use. Your comment concerning credit card for transferring funds also displays much wisdom. Thanks for the wise comments on the former transfer wise.
You only pass through this life once, you don't come back for an encore.

User avatar
Niggly
udonmap.com
Posts: 3704
Joined: December 5, 2018, 5:51 pm

Re: Transfer Wise

Post by Niggly » September 12, 2021, 12:40 pm

Laan Yaa Mo wrote:
September 12, 2021, 4:53 am

Your advice is very wise and I am considering the OPT option although even that costs around 20-25 pounds a month. British North America is one of the most expensive places in the world for cell phone use. Your comment concerning credit card for transferring funds also displays much wisdom. Thanks for the wise comments on the former transfer wise.
Crikey, that’s a big difference in cost.
I bought a reconditioned Nokia 6300 on eBay nearly 10 years ago for about £8 GBP (including delivery), put in a PAYGO SIM card with £10 GBP credit & haven’t spent a thing since.
Every now & then I get a message the phone needs to be used so I just call my regular phone, answer so it connects & immediately hang up. It uses a fraction of a penny in credit
Age & treachery will always triumph over youth & ability

Post Reply

Return to “General Udon Thani Forum”